Analysis of Retail Forex Trading During Rupiah Depreciation: A Review of Taqabudh Hukmi and Maysir

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FORMOSA NEWS

The surge in public interest in retail foreign exchange (forex) trading amid the weakening of the Rupiah exchange rate is examined in recent research published in July 2026 by a team of academics from Institut Ummul Quro Al-Islami Bogor led by Moh. Asep Zakariya Ansori, alongside Anisa Husnul Khotimah, Muhamad Abdul Ikhsan, Muhamad Afifudin, M. Naufal Abdurrahman, and Haikal Ramdhani Fauzi. This study is crucial because it critically evaluates Sharia compliance in digital forex trading activities, which have rapidly expanded amid global economic uncertainty.

The depreciation of the Rupiah against the United States Dollar encourages the public to utilize exchange rate fluctuations as short-term profit instruments through digital platforms. Consequently, the primary function of money, which should serve as an economic medium of exchange, shifts into a speculative commodity object. This phenomenon triggers Islamic legal debates regarding transaction alignment with Fatwa DSN-MUI No. 28/DSN-MUI/III/2002 concerning Al-Sharf.

To examine this phenomenon, the research team employed a normative legal method utilizing conceptual and statutory approaches. Qualitative-descriptive analysis was conducted by examining primary legal materials consisting of MUI fatwas and futures trading regulations, which were then directly compared with the operational mechanisms of digital trading platforms.

In-depth analysis results indicate that digital retail forex trading practices have several important notes regarding Islamic law:

• The Contracts for Difference (CFD) mechanism fails to satisfy the requirements of taqabudh hukmi because no actual transfer of currency ownership occurs, relying instead solely on cash settlement.
• The use of high leverage facilities and short-term profit orientations amplifies excessive speculative elements that lead to maysir (gambling).
• Although legally valid under positive law overseen by Bappebti based on Law Number 10 of 2011, CFD-based forex instruments are deemed non-compliant with Sharia principles.

According to the researchers from Institut Ummul Quro Al-Islami Bogor, these findings reveal a gap between formal state legality and Sharia economic law. Therefore, strategic steps are needed, including strengthening regulatory oversight, enhancing Sharia financial literacy so the public understands the differences between real and speculative transactions, and developing genuinely Sharia-compliant forex investment instruments to protect public welfare (hifz al-mal).

Author Profiles

• Moh. Asep Zakariya Ansori — Lead Researcher / Lecturer at Institut Ummul Quro Al-Islami Bogor.
• Anisa Husnul Khotimah — Researcher / Academic at Institut Ummul Quro Al-Islami Bogor.
• Muhamad Abdul Ikhsan — Researcher / Academic at Institut Ummul Quro Al-Islami Bogor.
• Muhamad Afifudin — Researcher / Academic at Institut Ummul Quro Al-Islami Bogor.
• M. Naufal Abdurrahman — Researcher / Academic at Institut Ummul Quro Al-Islami Bogor.
• Haikal Ramdhani Fauzi — Researcher / Academic at Institut Ummul Quro Al-Islami Bogor.

Research Source

• Journal Article Title: Retail Forex Trading in the Period of Rupiah Depreciation: Analysis of Taqabudh Hukmi and Maysir
• Journal Name: International Journal of Education and Life Sciences (IJELS), Vol. 4, No. 7, July 2026, pp. 1053-1064
• DOI/URL: https://doi.org/10.59890/ijels.v4i7.46